Hormel Foods Corp. Stock Plunges as Worst Performer in the S&P 500

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Hormel Foods Corp.’s stock (HRL) experienced a significant decrease of 8.7% on Thursday morning to reach $33.11 per share. This decline positions it as the worst performer in the S&P 500 index (SPX) with a notable impact on the company’s overall performance.

Lowest Close Since March 23, 2018

According to Dow Jones Market Data, this downward trend indicates Hormel Foods Corp.’s lowest closing price since March 23, 2018, when it concluded the session at $32.55, reflecting a concerning trajectory for the company.

Largest Percentage Decrease Since May 18, 2022

Additionally, Hormel Foods Corp. is currently on track for its most substantial percentage decline since May 18, 2022, when the stock witnessed an 8.76% drop. These recent developments raise concerns about the company’s stability and profitability.

Union Ratifies New Contract with Significant Benefits

In other news, the United Food and Commercial Workers International Union announced that its members who work for Hormel Foods Corp. in Minnesota, Georgia, Wisconsin, and Iowa have voted to ratify a new contract. This contract includes a historical wage increase of $3 to $6 per hour, marking the largest increase in the company’s history. The agreement also grants nearly doubled bereavement leave, optimum health care coverage protection, and improved retirement benefits for employees. This development showcases Hormel Foods Corp.’s commitment to its workforce’s well-being and job satisfaction.

Investor Day Event

Apart from these developments, Hormel Foods Corp. will be hosting an investor day on Thursday to address relevant stakeholders and provide insights into its strategies for future growth and success. It presents an opportunity for potential investors and interested parties to gain valuable insights into the company’s operations and prospects.

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